The U.S. Trustee has objected to bankrupt Werner Holding Co.'s disclosure statement and liquidation plan, saying it does not properly address the payment of administrative claims.
Thomas H. Lee Partners LP dealt out another lawsuit Thursday in the wake of Refco Inc.'s collapse, this time suing Refco's former auditor Grant Thornton LLP for allegedly participating in the fraud that bankrupted the company.
A bankruptcy judge has refused a bid by Credit Suisse First Boston to immediately wrest control of more than $46 million in loans from American Home Mortgage Investment Corp, saying the bank would have to wait its turn.
The judge in New Century Holdings Inc.'s bankruptcy has shot down the move Positive Software Solutions Inc. had made to lift the automatic stay in its efforts to resume its multibillion-dollar suit against the subprime lender over the copyrights to a loan database program.
The subprime mortgage crisis has prompted a European Commission investigation into credit rating agencies, with regulators pledging to look into the agencies' slow response to the situation.
Plaintiffs who have sued Sharper Image Corp. over claims that the retailer's “Ionic Breeze” air purifiers caused adverse health effects may shove the company into bankruptcy if it is forced to shell out hundreds of millions of dollars to settle the product liability action, financial experts were reportedly set to testify at a hearing Thursday.
Optimistic that the unions and Dana will stick to their new pact, attorneys for two labor organizations have asked a judge to temporarily suspend an earlier appeal, triggered by the bankruptcy court's decision to sign off on the supplier's bid to modify its employment agreements.
Morgan Stanley has pressed American Home Mortgage Investment Corp. to hand over mortgage loans valued at more than $519 million, claiming that the bankrupt company no longer has the right to service the loans.
Washington Mutual Inc. has filed an adversary case against Alliance Bancorp Inc., claiming that the bankrupt mortage lender has failed to turn over funds related to a loan servicing agreement between the two companies.
An appellate court has upheld the conviction of the former president of Impath Inc., who federal prosecutors are still hoping to jail for life on alleged securities fraud charges that led to the cancer company's bankruptcy and liquidation.
A bankruptcy judge has approved a controversial backstop rights purchase agreement for bankrupt Dura Automotive Systems Inc., a move that inches the company closer to its goal of emerging from bankruptcy protection by the end of the year.
Con Agra Foods Inc. will have to give liquidated supermarket chain Furr's Supermarkets Inc. over $2.3 million of transfers and pay prejudgment interests on the recovered amounts, after bankruptcy judges tossed out its appeal on Wednesday.
Turnaround executive John K. Suckow has stepped down from his position with bankrupt baked goods company Interstate Bakeries Corp. The maker of the Hostess Twinkie said that Suckow has resigned as chief restructuring officer and executive vice president.
A federal court in Seattle has signed off on PT Holdings Inc.'s plan of reorganization, clearing the way for the company and subsidiaries Port Townsend Paper Corp. and PTPC Packaging Co. Inc. to emerge from Chapter 11 after about seven months in bankruptcy protection.
The chief of American Home Mortgage Investment Corp. faces scrutiny over the auspicious sale of his stake in the beleaguered lender, with the timing raising speculation that he traded on insider knowledge.
Bayou Group LLP has agreed to a second round of settlements with investors that allegedly pulled their money out of the bankrupt hedge fund before it collapsed, exposing what Bayou's attorneys have termed a “fraudulent Ponzi scheme.”
Accounting firm BDO Seidman LLP must pay a total of $521 million in damages to a Portuguese bank after it was found guilty of failing to unearth a fraud that led to the collapse of a Florida financial services company.
A Florida jury has ruled that accounting firm BDO Seidman LLP must pay $170 million in damages for its gross negligence in failing to spot a fraud that forced a Miami financial services company into bankruptcy.
Two weeks into the gym giant's bankruptcy proceedings, Bally Total Fitness Holding Corp. is already seeking to revamp its prepackaged Chapter 11 plan, vowing to offer creditors a “superior” restructuring proposal.
Bankrupt energy company Calpine Corp. has asked a bankruptcy judge to approve a pre-bankruptcy plan it made with affiliate Freeport Energy Center LP to be the guarantor on a project to construct a new power plant.